Sable Offshore (NYSE:SOC) Rating Increased to Strong-Buy at Roth Capital

Roth Capital upgraded shares of Sable Offshore (NYSE:SOC) to a strong-buy rating in a research report released on Thursday morning,Zacks.com reports.

Several other brokerages have also weighed in on SOC. Roth Mkm started coverage on Sable Offshore in a research note on Thursday. They issued a “buy” rating and a $30.00 price target for the company. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. Finally, BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Sable Offshore Stock Performance

Shares of SOC stock opened at $26.17 on Thursday. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $32.33. The business has a fifty day moving average of $26.10 and a 200 day moving average of $23.69.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new position in shares of Sable Offshore in the fourth quarter valued at $53,000. IFP Advisors Inc acquired a new position in shares of Sable Offshore in the 4th quarter worth approximately $81,000. ORG Wealth Partners LLC bought a new stake in Sable Offshore during the fourth quarter valued at $106,000. Salem Investment Counselors Inc. grew its position in shares of Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after buying an additional 2,250 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Sable Offshore during the fourth quarter valued at approximately $144,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.